Feb 28, 2019   SOURCE: BusinessWire

CSS Industries, Inc. Announces Successful Outcome of Trade Remedy Cases

CSS Industries, Inc. (NYSE: CSS) today announced the successful outcome of its trade remedy cases on plastic decorative ribbon from China. In a unanimous 5-0 vote, the U.S. International Trade Commission (“ITC”) found that U.S. producers of plastic decorative ribbon have been materially injured by unfairly traded imports of plastic decorative ribbon from China. As a result, trade remedies, in the form of antidumping (“AD”) and countervailing (“CV”) duties, will be imposed on imports of plastic decorative ribbon from China at combined AD and CV duty rates ranging from 70.36% to 386.19%.

These trade remedies are being implemented following investigations conducted by the ITC and the U.S. Department of Commerce (“Commerce Department”) in response to petitions filed by CSS’ Berwick Offray LLC business in December 2017. Earlier in these investigations, the Commerce Department determined that Chinese producers and exporters were dumping plastic decorative ribbon into the United States at margins as high as 370.04%, and that Chinese producers were being unfairly subsidized at rates as high as 94.67%. Now that the ITC has made affirmative final determinations in these cases, AD and CV duty orders will be issued, imposing these duties.

“We are excited by the outcome of these trade remedy cases,” said Christopher J. Munyan, President and Chief Executive Officer of CSS. “We believe that vigorous enforcement of U.S. trade laws is essential to enabling U.S. companies like ours to compete on a level playing field when confronted with competition from dumped and unfairly subsidized imports from China. We are proud of our U.S. workforce and our Pennsylvania manufacturing facilities, which for decades have produced and reliably delivered to our customers high quality, on-trend and innovative plastic decorative ribbon products.”

About CSS Industries, Inc.

CSS is a creative consumer products company, focused on the craft, gift and seasonal categories. For these design-driven categories, we engage in the creative development, manufacture, procurement, distribution and sale of our products with an omni-channel approach focused primarily on mass market retailers. Our core products within the craft category include sewing patterns, ribbons, trims, buttons, and kids crafts. For the gift category, our core products are designed to celebrate certain life events or special occasions, with a focus on packaging items, such as ribbons, bows, bags and wrap, as well as stationery, baby gift items, and party and entertaining products. For the seasonal category, we focus on holiday gift packaging items including ribbons, bows, bags, tags and gift card holders, in addition to specific holiday-themed decorations and activities, including Easter egg dyes and Valentine’s Day classroom exchange cards. In keeping with our corporate mission, all of our products are designed to help make life memorable.

About Berwick Offray LLC

Berwick Offray LLC, a CSS company, is based in Berwick, Pennsylvania, and is a leading U.S. manufacturer of plastic decorative ribbon products, including seasonal and packaging ribbons and bows. These products are made at company-owned production facilities in Berwick, Pennsylvania. Berwick Offray’s plastic decorative ribbon products are used in a variety of gift packaging, decorative, seasonal, floral and industrial applications.

Forward-looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements related to AD and CV duty orders to be issued by the Commerce Department and the rates of duty to be imposed under those orders. Forward-looking statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management as to future events and financial performance with respect to the Company’s operations. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date as of which they were made. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including without limitation, factors beyond the Company’s control with respect to the timing of the issuance of AD and CV duty orders and the duty rates reflected therein, including the risk of government shutdowns, any possible appeals or challenges to the governmental decisions issued in the trade remedy cases, and any possible revisions to such decisions that may be implemented by future governmental action; as well as other factors described more fully in the Company’s annual report on Form 10-K and elsewhere in the Company’s filings with the Securities and Exchange Commission. As a result of these factors, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company.